Seven UAE exchange houses have licenses downgraded

The UAE Central Bank has downgraded the license of seven exchange houses.

The Central Bank said they had violated regulations, including anti-money laundering measures.

Based on this decision, the exchange houses will be prohibited from any activities relating to remittances or payment of wages. They will only be allowed to deal in the sale and purchase of foreign currencies and travellers cheques.

This decision comes after the failure of the exchange houses to regularise their status during the grace period granted by the Central Bank.

The Central Bank confirmed in a statement released today that it will not tolerate violations of financial institutions to its regulations and instructions.